Corsair Gaming, Inc. · NASDAQ:CRSR
Corsair Gaming — Q4 2024 Earnings Presentation
25 slides from Corsair Gaming's earnings presentation, Feb 12, 2025
Slide 1: Q4 and FY2024 Update
Q4 AND FY2024 UPDATE February 12, 2025
Slide 2: Disclaimer: Forward Looking Statements
DISCLAIMER Forward Looking Statements This presentation contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company’s financial outlook for the full year 2025; mark
Slide 3: Our Company
OUR COMPANY CORSAIR is a leading global provider of high-performance gear and technology for gamers, content creators, and PC enthusiasts. Founded in 1994, the company offers a diverse range of products, including gaming peripherals, PC components, streaming equipment, custom-built gaming PCs, SIM r
Slide 4: Our Products
OUR PRODUCTS CORSAIR products allow our customers to stream, game, work, and perform better. For 30+ years we’ve provided high-quality gaming and enthusiast lifestyle products to an expanding group of modern users and age groups.
Slide 5: General Update
GENERAL UPDATE CORSAIR CONFIDENTIAL
Slide 6: Nvidia GeForce RTX 50-Series Is Here
NVIDIA GEFORCE RTX 50-SERIES IS HERE Nvidia announced their new GeForce Graphics cards at CES 2025. Top tier 5090 and 5080 GPU shipments started January 30th. Growth in the self-built PC components category is expected to be driven by a 5-year consumer refresh cycle since the COVID lockdown period,
Slide 7: Corsair + Fanatec: Unlocking Growth in a Rapidly Expanding Market
CORSAIR + FANATEC UNLOCKING GROWTH IN A RAPIDLY EXPANDING MARKET FANATEC is widely recognized as a global leader in high-end components for Sim Racing. After 3 months joining together CORSAIR and FANATEC, we are making amazing progress. We believe we are well on the way to add new retail partners an
Slide 8: Solid Growth from Our Creator and Gamer Peripherals Segment
SOLID GROWTH FROM OUR CREATOR AND GAMER PERIPHERALS SEGMENT CORSAIR received the Best Keyboard Award for 2025 from both The New York Times’ Wirecutter and PC World for CORSAIR’s K65 Wireless keyboard for gaming and overall usage. CORSAIR is recognized as one of the Top 10 tech companies according to
Slide 9: Corsair Gaming Peripherals Selected by Apple
CORSAIR GAMING PERIPHERALS SELECTED BY APPLE The K65 Wireless keyboard was specifically selected by Apple along with CORSAIR’s M75 Gaming mouse as one of the preferred devices used to game on a Mac and is available in Apple stores, with the PC version available at major online stores and through sel
Slide 10: Customization
CUSTOMIZATION We see customers leaning towards personal expression and customization. Launched in Q3’24, our CORSAIR Custom Lab (CCL) brings customization capabilities with a built-to-order business model. In Q4, we further expanded our CORSAIR Custom Lab capabilities and expect to offer DRAM Memory
Slide 11: Gamer and Creator Peripherals Segment Continues to Improve with 20% Full Year Growth
OUR GAMER AND CREATOR PERIPHERALS SEGMENT CONTINUES TO IMPROVE WITH 20% FULL YEAR GROWTH AND GROWTH IN GROSS MARGIN % $169.6 $136.8 $107.0 $102.0 $88.9 $90.4 $94.2 $78.8 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Net Revenue (millions) 40.8% 38.3% 37.2% 37.9% 37.7%* 32.4% 33.1% 30.0% Q1 23 Q2 2
Slide 12: Financial Results
FINANCIAL RESULTS
Slide 13: Q4 2024 and FY2024 Results
Q4 2024 AND FY2024 RESULTS(1) ($ in millions except EPS and percentages) Q4'24 Q4'23 Y/Y FY24 FY23 Strong finish to the year with Q4 EBITDA numbers above latest expectations. Net Revenue $413.6 $417.3 -0.9% $1,316.4 $1,459.9 Full year results impacted mostly by Nvidia GPU launch in Gross Profit $108
Slide 14: Q4 2024 and FY2024 Segment Results
Q4 2024 AND FY2024 SEGMENT RESULTS Gaming Components and Systems segment impacted by later than GAMING COMPONENTS AND SYSTEMS Q4 2024 AND FY2024 RESULTS expected GPU launch and soft consumer spending both in Q4 and ($ in millions except percentages) Q4'24 Q4'23 Y/Y FY24 FY23 Y/Y for full year. Net R
Slide 15: Revenue by Segment
REVENUE $417M $414M $399M $381M $363M $354M $137M $337M $118M $325M $312M $170M $134M $89M $90M $304M $284M $79M $107M $261M $97M $102M $89M REVENUE BY SEGMENT $94M $281M $273M $280M $265M $247M $247M $244M $230M $215M $195M $202M $167M Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3
Slide 16: GAAP Segment Gross Margin %
GAAP SEGMENT GROSS MARGIN % 40.8% 37.2% 37.9% 38.3% 37.7%* 32.4% 33.1% 30.0% 25.5% 25.7% 26.2% 24.1% 24.6% 24.6% 24.1% 22.9% 22.2% 23.2% 21.8% 18.5% 18.7% 18.1% 16.4% 15.1% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Gamer & Creator Peripherals Gaming Components & Systems Total Corsair * Q4 24 r
Slide 17: Adjusted EBITDA
ADJUSTED EBITDA(1) $34M $33M $32M $23M $21M $18M $18M $15M $10M $5M Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 -$1M -$11M (1) See appendix for reconciliation of non-GAAP metrics to most comparable GAAP metrics.
Slide 18: Financial Guidance
FINANCIAL GUIDANCE(1) Financial Metrics 2025 Guidance Net Revenue $1.40-1.60 billion Adjusted Operating Income $67-87 million Adjusted EBITDA $80-100 million (1) Given the number of risk factors, uncertainties and assumptions, many of which are discussed in slide 2, actual results may differ materia
Slide 19: Cash and Debt Summary
CASH AND DEBT SUMMARY ($ in millions) December 31, 2024 Cash (Excluding restricted cash) $107.0 Term Loan (face value) $174.0 Total Debt $174.0 Net Debt $67.0
Slide 20: Appendix
1M APPENDIX
Slide 21: Use of Non-GAAP Financial Measures
USE OF NON-GAAP FINANCIAL MEASURES To supplement the financial results presented in accordance with GAAP, this presentation includes certain non-GAAP financial information, including Adjusted Operating Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss) and Adjusted Ne
Slide 22: GAAP to Non-GAAP Reconciliations: Operating Income
GAAP TO NON-GAAP RECONCILIATIONS Non-GAAP Operating Income Reconciliations (Unaudited, in thousands, except percentages) Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Operating Income (loss) - GAAP $ 5,923 $ 12,124 $ (49,954 ) $ 9,689 Amortization 9,865 9,483 38,448 38
Slide 23: GAAP to Non-GAAP Reconciliations: Net Income and EPS
GAAP TO NON-GAAP RECONCILIATIONS Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share Reconciliations (Unaudited, in thousands, except per share amounts) Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Net income (loss) attributable to common stockholders of Corsai
Slide 24: GAAP to Non-GAAP Reconciliations: Adjusted EBITDA
GAAP TO NON-GAAP RECONCILIATIONS Adjusted EBITDA Reconciliations (Unaudited, in thousands, except percentages) Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Net Income (loss) - GAAP $ 2,728 $ 7,576 $ (83,394 ) $ (1,037 ) Amortization 9,865 9,483 38,448 38,488 Stock-bas
Slide 25: Corsair
ph CORSAIR